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New study shows eighty-three percent increase in mailed credit offers
By Sam Craine on Aug 30th, 2010
A new study by Synovate, a market research company, shows that there was an 83 percent increase in credit card offers in the second quarter of 2010. This means that American households received nearly 640 million offers in their mailbox between April and June.
The Street, a financial news site, reports that Chase and Citi sent out more than double the amount of ads this quarter. This 83 percent increase is following a 29 percent spike in the previous quarter. The Street also notes that over the past six months, 1.12 billion credit card offers have been mailed out in total.
The Credit Card Accountability, Responsibility and Disclosure went into full effect on August 22. As a result of these new restrictions put on credit card issuers, they have been forced to resort to more aggressive marketing tactics to attract more applicants and means of revenue.
Many Americans have struggled with credit card debt since the 2008 recession. Before applying for another account, consumers should repay their current debt. Those struggling to make monthly payments can consider consolidation to lower their expenses.
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